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Investment firm Next Orbit Ventures has invested about ₹115 crore in e-commerce firm Infibeam’s ₹450-crore IPO.
The Mumbai-based venture capital firm now owns an around 5 per cent stake in the Ahmedabad-based company.
The amount has been invested from the first $140-million (₹700 crore) fund of the venture capital firm.
Ajay Jalan, founder and Managing Partner of Next orbit Ventures, said: “When other online retail companies in the market are making losses, we are very confident about our investment on a company which is ready to IPO and will be making profits in next six months.”
Infibeam, the first e-commerce company to raise capital through a public offer, had set a ₹360-432 price band for the IPO. The proceeds will be utilised for expansion of business, which includes setting up a cloud data centre, establishing 75 additional logistics centres, purchase of software and acquisition of property for shifting the corporate offices of the company.
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